Topic: Care of security and don't store your coins on exchanges! - page 5. (Read 1493 times)
With the way exchanges are being hacked almost everyday it is not advisable to save your cryptocurrencies on exchanges. It's safe to store your money on your own personal wallet other than an exchange's wallet. They can be compromised at any point in time and this may let you lose your money.
Safety of funds must be one of the highest priority of investors yet i don't know why some people choose to store funds on exchanges i mean wallets which they don't hold the private keys to. Please trade when you want to and once done, just move your funds from the exchanges and store on your own personal wallets.
This has always been my suggestion ever since some of the exchanges got hacked. It is better to invest on cryptocurrency security buy buying something like Ledger wallets. Storing them in your wallet like MEW is also good if you still don't have a ledger. Also, buying a separate computer and e-mail address (if needed) is recommended as well.
Absolutely correct, do not store all your crypto assets on exchanges to avoid stories that touches the heart when hacked. I think most people already know of this but ignore it. As for me, once bitten, twice shy. I had a bad experience with cryptopia and I've learnt the hard way. Please nobody should tell you an exchange can never be hacked, make use of your personal wallets to be safe. Only send funds to exchanges when you need to trade.
#SAFU
That safu thing came from binance.
It always been said for how many years that don't leave your coins on an exchange
but people doesn't learn until they wont lost their coins into their exchange wallets.There no secure thing other than storing it on your
own personal wallet which you do hold up the keys.
That safu thing came from binance.
It always been said for how many years that don't leave your coins on an exchange but people doesn't learn until they wont lost their coins into their exchange wallets.There no secure thing other than storing it on your
own personal wallet which you do hold up the keys.
You have made salient points on this thread but the volatility in the crypto space makes holding on exchange more preferable..I think the occurance of wallet functions that will allow easy liquidation on exchange will make storage on wallets more profitable..
This is a suggestion that's been given to every user. It is truly risky to keep the funds in an exchange, and at the same time when we transfer funds often we need to bear transaction fee. For this reason users most of the time hold the funds in the exchanges without understanding the risk associated with it.
If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.
Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.
it is also been possible but in all the time we cannot say it changes or not if they also provide the better security to save our environment to a better position so more than anything security will be increased every time. A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.
Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.
Very good advice because exchange hack is a general hack that leave the wallet of all users empty so the best thing to do is to safe you huge amount in your personal wallets which you have the keys and by that you holds the security of your wallet always leave just trading amount in the exchange and try transfer your profits to tour wallet.
As simple as that just don't trust any platform and deposit your fortunes over there. Withdraw your monies and keep them in a private wallet of which you have total control and less risk from any hack.
I agree with you. Exchanges are not safest place to store you asset. Cause in past and ebmven in present tim we saw many hacks related to exchange fund and most of them are not good for people. Cause not all exchange pay the hacks. If you store a coin in a big exchange like binance or even huobi or okex , there is a chance that you will get back your asset even if any kind of hack happen to the exchange or even in wallet. But most of the time when smaller or even medium size exchange got hacked it's hard for them to pay back. So always be careful with your asset. If you are a regular trader then it's fine to have some coins in exchange but if you want to store or hold something then better code a hardware or even a good wallet for you asset.
Do what is right at every time,we all know that no platform is that save,but every crypto user has to do their part by withdrawing their valuable coin from exchange to personal wallet to avoid losses if hacked.
I already 2 times was losing some funds, the last time on Cryptopia, good thing there was about 15-20 % of all my funds, but I was still upset. Now only deposit > trade > withdrawal.
Storing Cryptocurrency on exchanges is not very safe. Exchanges can be hacked at any time and at other times too your coins can just be stolen within a twinkle of an eye. The best way to store cryptocurrencies will be in wallets and not on exchanges.
I'd say thanks to the cryptopia hack it taught me a lesson to not store coins at exchange, i don't usually follow the warnings until i experience it, lucky the coins i have there isn't worth that much, i hope exchange will give the private keys to the users, DEX needs to be improved alot to be able to compete with centralized exchange.
The truth is that no one is safe from hack in crypto, even those that use wallet that they own private key still get hacked. At this point I don't support storing funds on exchanges but no wallet is safe from hackers.
Yes, nothing is risk free. Saving in our own wallet can indeed be hacked too, but we are the person who must be responsible for our own property. Whereas if we store it in exchange, we entrust the security of our assets to other parties. And exchange is more vulnerable to hack attempts. That is why it would be better to store our money on a place where we are the only person who have full control over it.
Exchanges or wallets, news are coming from everywhere and very often about hacking and getting cryptocurrencies stolen. I think its time to apply diversification on exchanges and wallets also. Keeping our investment in different exchanges and walltes can at least minimize the losses. But managing different echanges and wallets is not so feasible option. We have to do it anyhow.
Another well known solution is to store in hardware wallets. If our investment is worth more than the price of harware wallet, this is the best solution.
Few days ago, I just came across one of the new project called Inzura which is with new concept of "Insurance of cryptocurrencies".
I think we need more such concepts in the market to avoid the situation along with regulations.
Another well known solution is to store in hardware wallets. If our investment is worth more than the price of harware wallet, this is the best solution.
Few days ago, I just came across one of the new project called Inzura which is with new concept of "Insurance of cryptocurrencies".
I think we need more such concepts in the market to avoid the situation along with regulations.
good advice, and yes store your money or coins on exchange mean you ready to loose them. why? you should know if there is no system that can 100% safe from hacking / virus or scamming. all you asset is your own responsibilities
Security depends on each of us, the private key can be hacked if you are not careful about guarding and using it, I am a trader of course I believe in the exchange market because if you want to pull I use two steps of approval
The truth is that no one is safe from hack in crypto, even those that use wallet that they own private key still get hacked. At this point I don't support storing funds on exchanges but no wallet is safe from hackers.
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